Andersen, auction, Auction Industry 2010, auctioneer, auctioneers, auctions, Batchelor, Broad College of Business, Cai, Forrest S. Carter, GDP, Gross Domestic Product, live auctions, Michigan State University, National Auctioneers Association, online auctions, research, study, Yang
We continue here with a 4-part series covering the recently released “Auction Industry 2010” research project conducted by the Broad College of Business at Michigan State University. This study was conducted by Dr. Forrest S. Carter, Associate Professor of Marketing and student researchers Marina Batchelor (lead), Kijun Yang, Sarah Andersen and Zoe Cai.
The study is broken into 3 basic parts, with a preface. I will also comment on some of the statistics presented.
Part II of the study concerned the auction business. A total of 1,972 respondents contributed to these statistics.
First, the typical auction business was profiled as such:
- A primary auctioneer with 3 or more employees
- Conducting a live auction approximately once per week
- Generating < $25,000 in gross commissions from 5 different types of auctions
- Specializing in estates/personal property/collectibles & antiques
Some other statistics:
Description of Auction Business
|Contract Bid Caller||13%|
|Contract Bid Caller < 3 employees||2%|
|Contract Bid Caller => 3 employees||3%|
|Primary auctioneer < 3 employees||40%|
|Primary auctioneer => 3 employees||42%|
Number of Auctions Conducted in 2009
|53 or over||23%|
How Auctions Conducted
|Live w/ online simulcast bidding||15%|
Type of Auction Specialty
|Farm Machinery and Equipment||8%|
|Estates and Personal Property||15%|
|Collectibles and Antiques||13%|
|Farm/Land Real Estate||7%|
|Commercial Real Estate||6%|
|Residential Real Estate||11%|
Does Business Have Website
Use of Social Media Tools
2009 Gross Commission Revenue
|Less than $25,000||27%|
|$25,000 to $49,999||13%|
|$50,000 to $74,999||8%|
|$75,000 to $99,999||7%|
|$100,000 to $249,999||15%|
|$250,000 to $499,999||10%|
|$500,000 to $999,999||7%|
|$1 Million to $5 Million||9%|
|Over $5 Million||4%|
There was one additional chart, and some other commentary in this section that was undecipherable, and thus omitted.
We will continue with one more article, Part III of the overall study, namely: about auctioneering.
Mike Brandly, Auctioneer, CAI, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, Keller Williams Auctions and Goodwill Columbus Car Auction. His Facebook page is: www.facebook.com/mbauctioneer. He is Executive Director of The Ohio Auction School.